Every day, at least a few new cryptocurrencies appear in the crypto space. However, only a few of them reach the stage of a full-fledged product, become famous and in demand. But cryptocurrency NEO achieved success and took a high position in the ranking. So what is NEO cryptocurrency?
A new Chinese cryptocurrency
The NEO digital asset platform was formerly called Antshares. But recently, a complete rebranding has been completed. The start-up changed the name, updated the blockchain and technical documentation, as well as the stock ticker. Besides, they redesigned the official website and social media. The platform also switched to a new version of the smart contract system, called NEO-2.0.
The NEO cryptocurrency for a long time has shown stable and non-stop growth. Very quickly, the Chinese creation took seventh place in the Coinmarketcap top. It indicates a great future, given the high competition in the cryptocurrency market. And Ethereum confidently holds the second line after the famous Bitcoin. So the NEO cryptocurrency has every chance to rise much higher than the seventh line.
The volumes of NEO cryptocurrency stocks are clearly defined and limited to 100 million tokens. So far, only half – 50 million tokens are available on the market. According to recent estimates, NEO’s capitalization is more than two billion US dollars.
Features of NEO
From a technical point of view, Chinese cryptocurrency is very similar to Ethereum. The basis of the platform is the development of smart contracts and their subsequent payment with tokens. Even though NEO is often called the Chinese Ethereum, the OnChain product has advantages that it does not have. NEO is much more effective and functional, and it can overcome Ethereum shortly.
Let’s take a closer look at how everything works. To make a deal, you have to pay the fee using the internal currency. OnChain developers decided to create an additional intra-system coin called GAS. You cannot mine NEO coins. There is a final amount of coins equal to 100 million, half of which is available on the market. The developers keep the second half. Nevertheless, it is possible to mine the GAS currency while holding coins in your wallet. The more tokens you have, the more GAS coins for paying the fees you can get.
Pros and Cons of NEO
Like any cryptocurrency, NEO has pros and cons.
Pros:
- company is open to the public and has an experienced development team;
- they have contracts and collaboration with corporate giants;
- NEO has excellent functionality, much superior to the functionality of Ethereum;
- the developers often organize meetings and seminars;
- OnChain actively struggles for legalization. They have some problems in China now, but there is a high probability that NEO will solve all issues with the government soon. It will attract large investors and significantly increase its capitalization.
Cons:
- The developers owe all the GAS sources. That is, NEO is a centralized structure, which means that blockchains are in the hands of a few people;
- OnChain has the technical ability to monitor the transactions of coin owners, transfer information to the authorities, and also block funds in user accounts and adjust the rate.
As you can see, NEO is a highly promising and rapidly developing cryptocurrency. And although the Chinese government has created some difficulties, on the example of Bitcoin, we see how high the cryptocurrency rate can rise. And experts’ forecasts regarding NEO are optimistic, so you can try investing in it.
